KUALA LUMPUR (Aug 15): DRB-Hicom Bhd’s unit Gadek (Malaysia) Bhd has
received Bank Negara Malaysia’s approval to commence preliminary
negotiations in relation to the possible disposal on its equity
interests in in Uni.Asia General Insurance Berhad (“UAG”) and Uni.Asia
Life Assurance Berhad (UAL).
Source from (The Edge Malaysia): http://www.theedgemalaysia.com/business-news/218771-drb-hicoms-gadek-gets-bnm-nod-to-start-uag-ual-stake-disposal-talks-.html
Published: August 16, 2012
UAG and UAL are respectively 68.1% and 100.0% owned by Uni.Asia Capital
Sdn Bhd (“UAC”) which is in turn a 51.0% owned subsidiary of Gadek.
The remaining 49.0% equity interest in UAC is held by United Overseas
Bank (Malaysia) Berhad (UOB).
In a filing Wednesday, DRB-Hicom said Gadek had received expressions of
interest from certain parties to explore the possibility of acquiring an
equity interest in UAG and UAL.
It said Gadek, UOB and the relevant parties would be required to obtain
the prior approval of the Minister of Finance, with the recommendation
of BNM, pursuant to the Insurance Act, 1996 before entering into any
agreement to effect the above disposal.
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